It Pays to Get at Least Two Appraisals

Question: I hesitated at first whether to send this letter to David Horowitz or you, but decided since it pertains to coins that you might be able to warn some others of this rip-off. I am an 84-year-old man and have been collecting coins for many years. Recently my older sister passed away and left her collection of small-denomination coins, including all of the Lincoln head cents, with the 1909-S VDB and the 1914-D in fine condition.

I decided to sell this collection, which in my estimation was worth near $1,000. A dealer said because of the quantity and the time-consuming evaluation, that he would charge me $250, which would be voided if I accepted his purchase price. In three days he called me and said that $265 was the best he could come up with. So I said I would be right over with a $250 check. He said, “Does that mean you don’t want to accept my offer?” Not at that price, I replied. And he said: “We don’t take checks. Cash only.”

I picked up my coins, brought them to another dealer, who spent about 15 minutes looking them over. He gave me $809 on the spot. Out of curiosity I asked what he had allowed for the 1909-S VDB. He said $250 and that it was in very fine condition.--G.R.G.

Answer: Your experience is an example of what can happen to the unwary. For this reason, I always stress getting more than one appraisal or offer. Some dealers will charge for an appraisal; others will not. Charging for an appraisal is legitimate; it’s also negotiable.

But other than making a bad decision with the first dealer, you did the right thing by continuing to shop around. If your estimate that the collection was worth about $1,000 was correct, then the offer of $809 seems fair, allowing a margin of profit for the dealer. Ideally, collectors will find one or two dealers they are comfortable with. Loyalty is usually reciprocated and mutually beneficial.

Q: I have two medallions and an old Canadian coin. Could you give me any information as to where I might dispose of them and what they may be worth? One is from the World’s Columbian Exposition in Chicago, 1893. The U.S. Mint produced these for its exhibit there. Should I hold it until 1993? The second medal is from the Panama Pacific International Exposition in 1915. The Canadian 1 cent is from 1890, but well worn.--R.S.

A: Your Columbian Exposition medal is worth about $10. There’s no way of knowing if it will be worth more on its centennial. The Panama Pacific medal is $5 and the Canadian cent is worth $1.

Q: Is my Russian Lenin anniversary coin (1870-1970) of value? Will it increase in value with time?--B.S.

A: Your Soviet commemorative piece has little collector value. No one knows what it will be worth “with time.” Age is not the only criteria in determining value. Some ancient Greek and Roman coins, more than 2,000 years old, can be purchased today for about $30. Of course, there are others that are virtually priceless.

Q: I have a $20 bill, Sept. 20, 1909. It has a picture of Hugh McCulloch and the Negaunee National Bank, Series of 1902. Any value over the $20?--M.T.

A: Your national bank note is worth about $40, depending on condition. Bills that are crisp and uncirculated are worth considerably more than those that are worn, folded or torn.

Coin News

Something different is being offered to coin buffs. It’s a series of multicolored lithographs in the form of medals. The Israel Government Coins and Medals Corp. is offering these pieces (pictured), created by Moshe Castel, Nachum Gutman and Mane-Katz. There will be 500 three-piece sets in silver for $119, and 400 three-piece sets in gold for $750. Each set consists of two antiqued medals and one brilliant uncirculated.

Order the lithographs from Intergold, Israel Coins and Medals, 23326 Hawthorne Blvd., Skypark 10, Suite 150, Torrance, Calif. 90505; telephone (800) 962-0333; or from the Israel Government Coins and Medals Corp., 5 Ahad Ha’am St., P.O.B. 2270, Jerusalem 91922, Israel.

More than $3.5 million was realized at the Byron F. Johnson Jr. estate sale, exceeding pre-sale estimates. A proof 1880 $1 graded Mint State 67 sold for a record $23,100; an 1893-S $1 in MS-63 brought $28,600, and a worn 1879 $4 gold piece, MS-40, fetched $18,700. Catalogues and prices realized are $20 from Auctions by Bowers & Merena, Box 1224, Wolfeboro, N.H. 03894.

Yet another pricing guide is now available. The 1989 Coin World Guide to U.S. Coins, Prices and Value Trends by the editors of Coin World is a handy reference work and will prove to be an especially useful tool when used in conjunction with Coin World’s weekly publication. The guide is published by New American Library in a handy pocketbook format. It’s available for $4.50 from Coin World, P.O. Box 150, Sidney, Ohio 45365; telephone (800) 253-4555.

Coin Calendar

April 19-21--”American Coins and Currency” is the subject of a seminar in Washington. The Smithsonian Institution is offering the seminar, which will trace the evolution of American money in its social and historical context.

There are more than 900,000 examples of coins, paper money, tokens, decorations and medals at the Smithsonian. The seminar fee is $335. For a brochure, contact the Smithsonian Lecture and Seminar Program, 1100 Jefferson Drive S.W., Room 3045, Washington, D.C. 20560; telephone (202) 357-1350.

Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.